Achievement of our goals and success almost entirely depends on the resources we have access to – resourcefulness. The word ‘resources’ is often associated with money and finances. Not without reason, of course. But are resources only about money?

Below is the summary of the framework called Convertibility of Personal Resources, shared with us by NLP master Practitioners T. V. Gagin and S. S. Ukolov in their book “New Code NLP.”

We are being told from a young age that nothing is free. But what to do if you don’t have money to pay for everything you need to achieve your goal?

Five categories of personal resources

1. People

This category includes network, useful contacts, friends, colleagues, family, life coaches or business coaches, mentors etc. In other words, anyone who might have anything to do with achieving our goals. People will help us with introduction, recommendations or advice. They can help us by investing their time or sharing their skills.

2. Tangible resources

This category includes money as well as other tangible possessions. These become useful when in order to achieve our goal we need to purchase something or pay for certain services such as stationery, office supplies and building materials as well as travel expenses and so on.

3. Information

Information can often be one of the most important resources. Knowledge is power! Who would be the right person to assist or advise. Where to purchase the right service. Where to buy office supplies and who will be willing to invest their time in our project.

4. Own capabilities

This category includes own health, occupation, hobby, skills, capabilities, talents, and so on. Without some of your own capabilities, there can hardly be a discussion about achieving goals. Skills to network and nurture work relationships, to earn money, to research and gain crucial information, to obtain new skills. Public speaking skills and experience to share with others.

5. Time

One of the most obvious resources. Lack of time, the pandemic of our time, is responsible for a lot of failures.

We are being told from a young age that nothing is free. But what to do if you don’t have money to pay for everything you need to achieve your goal?

Convertibility of Personal Resources

Conversion of resources can be direct or complex – that is in one or several steps.

Conversion of resources simply means that certain resources can be – and are – converted into others. This concept is not new. Think of your work: you exchange your time, information and skills for money – a monthly paycheck or on a gig basis. But this framework, as one might have expected, goes far beyond the obvious exchange channels. Conversion of resources can be direct or complex – that is in one or several steps.

Direct conversion of resources

The easiest way is a one-step process. An introduction to certain people in exchange for a favour is just one example of conversion, without the use of money. Exchanging money for information – buying books or education. Exchanging money for your time – employing housekeeper so that you can focus on things that matter.

In one way or another, we can convert:

People (network, contacts) into time, money, information, skills (education)

Money and valuables into people, time, information, and skills

Information into people (contacts), time (knowing the quickest and easiest ways), money and skills

Skills into all of the above

Time into people (i.e. networking), money (employment), information (research or study), skills

The direct conversion of resources works very well if one has the required resources. But what to do if you, let’s say, need public speaking skills and don’t have money to pay for courses?

Complex conversion

The direct conversion of resources works very well if one has the required resources. But what to do if you, let’s say, need public speaking skills and don’t have money to pay for courses?

Below is a step by step framework for conversion of resources:

Carry out ‘stock check’ of all your resources. I can’t stress how important it is to carry out this exercise at least once. Knowing all your strengths can’t harm. On the contrary, you are more likely to discover some skills and resources you could start using right away.

Categorise all your resources in three groups: critical (scarce), enough, and in abundance (available for exchange and conversion).

Draw out all possible steps of complex conversion of resources.

Define the easiest, most cost-effective and efficient route. You don’t want to jump on the very first solution but want to consider your options and make calculated decision.

Carry out the complex conversion.

Gain / get hold of required resources.

Achieve your goal.

Stock check your resources at the end of the process.

In the context of public speaking skills the complex conversion would look something like this:

Define the resources closest to the money – “Couple of my friends are onto something interesting in their marketing research.”

Analyse the available information – “I have a good idea how to transfer this into certain service on the market.”

Define time that is required – “Will take me a couple of days to prepare the presentation.”

Note your skills that can be used in this instance – “I am quite good at selling something I believe in.”

Define that the critical resource is time – “The public speaking course is in one week’s time. I have some useful contacts, plenty of skills and a lot of exclusive information.”

Analysing possible conversion routes: Information into money or your contacts can be exchanged for additional information. Alternatively, you can earn money by teaching someone sales – something that you are good at.

Evaluate the options from the point of view of your critical resource – time. The most time efficient option is to exchange information for money.

Get the required information from your friends (people), make the presentation (skills, time) and sell to the interested contacts (skills, information, people).

Exchange received money for the public speaking course and gain additional skill as a result. Bear in mind that the public speaking is another valuable skill that can be exchanged directly for money – promotion at work – or any other resource.

The conversion often takes many shapes: conversion of information that you have into the information that you might need at some point in time that your friend will share with you. And if this sounds familiar, it is worth remembering that such exchange or conversion of resources it is very inch an investment.

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Disclaimer

Please note you are using an automated Business Coaching Journal Self Coaching Tool. This tool can not compare to a professional life coach session and you are advised to book a session with a professional Business Coach or Life Coach.
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